Filing Flows › Capstone Holding (CAPS) › Q4 2025
Capstone Holding (CAPS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Apr 16, 2026
Capstone Holding (CAPS) reported revenue of $12.5M for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and -9% from the quarter before. Operating margin was -68.4%, net loss $16.8M (134.6% of revenue).
Capstone Holding, Q4 2025: revenue $12.5M (+21% year over year), operating margin -68.4%, net loss $16.8M, operating cash flow −$420K. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.5M | -9% | +21% |
| Operating profit | −$8.5M | — | — |
| Net earnings | −$16.8M | — | — |
| Operating cash flow | −$420K | — | -115% |
What changed
Revenue was $12.5M in Q4 2025, up 21% year over year and down 9% from the previous quarter.
Gross margin was 24.7%, up 4.6 points from Q4 2024. Operating costs exceeded revenue by $8.5M, an operating margin of -68.4%. Operating expenses grew 380% against revenue growth of 21%. The quarter ended with a net loss of $16.8M, wider than the previous quarter's $2.0M loss.
Operating cash flow was −$420K. Non-cash charges added back $43K of depreciation and amortization. Working capital and other items added $16.3M. Capital expenditures of $120K exceeded it, leaving free cash flow of −$540K.
Questions
What was Capstone Holding's revenue in the fourth quarter 2025?
Capstone Holding (CAPS) reported revenue of $12.5M for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and -9% from the quarter before.
Was Capstone Holding profitable in the fourth quarter 2025?
Operating loss was $8.5M (-68.4% of revenue) and net loss $16.8M.
Source: Capstone Holding 10-K on SEC EDGAR.